Timeframe: Daily
AARTIIND (NSE) has been trading below its 200 EMA and is facing resistance at the 100 EMA. The Average True Range (ATR) is currently 16.9, while the Average Directional Index (ADX) stands at 20.80, indicating a weak trend. The stock has been in a downtrend for over 40 months and continues to move within a descending channel.
Wave (A) and (B) appear complete, with wave (B) peaking around ₹769.25. The current move is unfolding as wave (C), which is further subdivided into five internal waves labeled 1 through 5. As of now, waves 1 through 4 seem complete, and the chart suggests that wave 5 is in progress, likely aiming for a final low near the lower boundary of the channel. This indicates that the downtrend is in its late stages but not yet finished. If the price breaks out wave 4 at 478.05, traders can trade for the following targets: 600 – 735 – 825+. Please note that a rejection at this level could lead to a further decline in price.
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